D&E Communications, Windstream merger one step closer to completion

By Lisa Kerner

Charlotte, N.C., Sept. 24 - D&E Communications, Inc. said its shareholders voted to approve the company's proposed merger with Windstream Corp. at a special meeting on Thursday.

In May, Windstream announced it agreed to acquire D&E, an Ephrata, Pa., integrated communications provider, in a cash-and-stock transaction valued at approximately $330 million, or about $10.88 per share.

As previously reported, D&E shareholders will receive 0.65 shares of Windstream stock and $5.00 in cash per D&E share under the terms of the companies' definitive merger agreement.

The merger closing date has been extended to Dec. 9 to allow time for the Pennsylvania Public Utility Commission to make its final decision.

According to D&E, an agreement has been reached with all intervening parties in the proceeding before the commission.

The agreement will be submitted to the administrative law judge, who will make a final recommendation to the commission.

Windstream is a Little Rock, Ark., broadband and entertainment services company.

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